Unacademy to cut 10% of its workforce- Education News

Indian online education firm Unacademy will cut 10% of its workforce due to “harsh economic conditions”, the company told employees in a letter on Monday.

This is its second round of layoffs this year. Softbank-backed Unacademy has tried to curb spending on marketing and control operational costs but it was not enough, founder and CEO Gaurav Munjal said in the letter. The Bengaluru-based company employs around 3,500 people, so 350 employees would be affected in this round of layoffs, as per an official.

Munjal said “Funding has significantly slowed down and a large portion of our core business has moved offline. We made a commitment of no layoffs in the organization but the market challenges have forced us to reevaluate our decisions.”

Unacademy, which was established in 2015 and has raised funding from Softbank among other investors, slashed more than 600 jobs in April this year.

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